The accumulated depreciation account is closed to the income summary account.
a. True
b. False
Indicate whether the statement is true or false
Question 2
At the beginning of its fiscal year, the Town of Harmon estimates that its revenues for street maintenance activities are 100,000, and it appropriates 90,000 for street maintenance supplies.
It currently has outstanding encumbrances for street maintenance supplies of 40,000 and has incurred expenditures for street maintenance supplies of 30,000 . How much does the Town of Harmon currently have available to spend for street maintenance supplies?
a. 20,000
b. 30,000
c. 40,000
d. 50,000
e. 60,000
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